Kraken vs Binance
Two no-KYC services head-to-head — KYC stance, custody model, attributes and our trust score, side by side.
| Kraken | Binance | |
|---|---|---|
| Trust score | 4.8 | 4.2 |
| KYC level | L5Mandatory | L5Mandatory |
| Tagline | Veteran US-regulated exchange founded 2011 with 600+ assets, full mandatory KYC, and bi-annual proof-of-reserves audits — listed here as a comparison baseline for custodial KYC platforms, not as a no-KYC option. | World's largest centralized crypto exchange — 500+ assets, mandatory KYC for every user, SAFU insurance fund, monthly Merkle-tree proof-of-reserves, and a $4.3B 2023 DOJ settlement with an ongoing compliance monitor. |
| Jurisdiction | United States | Global (UAE-regulated) |
| Founded | 2011 | 2017 |
| Tor / .onion | No | No |
| Bitcoin (BTC) | Yes | Yes |
| Lightning Network | Yes | — |
| Accepts fiat | Yes | Yes |
| Mobile app | Yes | Yes |
| Web app | Yes | Yes |
| Custodial | Yes | Yes |
| Requires email | Yes | Yes |
| Logs IP addresses | — | Yes |
Verdict
Based on our trust scoring, **Kraken** comes out ahead of **Binance** (4.8 vs 4.2). The gap reflects differences in KYC stance, custody model and operational track record.
Note: Scores are our independent assessment. Both services have valid use cases — read each detail page before deciding.